Celsius chairman Bill Oliver said: “We have been evaluating a number of opportunities during the course of the year and Favourit impressed with the progress that’s been made already.

“The potential of the underlying business to generate strong cash flows, as well as the experience of the team which has developed the platform makes this a transaction we are pleased to recommend to our shareholders.”

The consideration the acquisition is a total of 57,000,000 shares to the shareholders of Favourit at a deemed issue price of $0.20c per share.

Favourit has developed a global socially designed sports betting platform offering punters unique insights, betting trends and the ability to follow and copy top punters. Favourit’s platform is available on web, mobile and tablet in multiple languages and currencies.

Last year Celsius updated its JORC-compliant resource estimate by 40 million tonnes for its flagship Uzgen Basin coking coal project in the Kyrgyz Republic.

The updated resource statement for Celsius’ project includes total inferred JORC resources of 295 million tonnes.

The total inferred resource estimate comprises 235Mt at Kargasha and 60Mt at Kokkia.

It represents a growth in total resource of 40Mt, approximately 16% over the prior 2013 resource statement.